U.S. Bancorp plans to sell up to C$1 billion ($713 million) in Canadian bonds, marking its first return to the loonie debt market in over 20 years. The offering, potentially launching as soon as next week, targets at least C$750 million. The bonds are expected to have maturities of five, seven, or 10 years.
Following a pre-recorded investor presentation starting Monday, bank executives are scheduled to meet money managers in Toronto later this week. This move would contribute to a record year for maple bonds, with approximately C$51 billion issued so far, more than double the previous annual record. U.S. Bancorp last accessed the Canadian dollar market in 2005, redeeming a C$450 million bond five years later.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing